County grants tax-relief status to Kane Magnetics site

August 28, 2013

By

Ted Lutz

Photo by Ted Lutz â€“ All three taxing bodies have granted property tax-relief status for the defunct Kane Magnetics plant on Elk Avenue in an effort to attract a buyer.

SMETHPORT â€“ If the state gives its blessing, a new owner of the 17.5-acre Kane Magnetics complex at 700 Elk Ave. in Kane won't be paying property taxes until 2023.
The McKean County Board of Commissioners agreed Tuesday to place the defunct plant in a tax-relief program known as the Keystone Opportunity Zone (KOZ).